35 - Buy Now, Pay Later: Smart Move or Financial Trap
Play • 19 min

Whether you are an online shopper or shop in store, you have undoubtedly been offered the option to make your purchase now and pay for it later. Known as the Buy Now, Pay Later, this type of instant, no-cost financing has become increasingly popular. But is there a catch? How is it that these companies can offer this kind of service and how can they make money? Daniel Maksymchak, with LCTaylor, Licensed Insolvency Trustees in Winnipeg, takes a look at how to make delayed payments work for you. He also discusses:

  • What happens when you aren’t able to make payments when they become due
  • Hidden costs in the terms and conditions to be aware of
  • Under what circumstances would it be to your advantage to use this service
  • Alternatives to the Buy Now, Pay Later financing
  • The necessity of budgeting

Licensed Insolvency Trustees are considered some of the best financial advisors in the country and the only ones licensed by the federal government of Canada. They can help you take back control of your finances by eliminating your unmanageable debt. 

About Daniel Maksymchak

Daniel has worked in the bankruptcy and insolvency field since 2010. His career began in accounting, receiving his Chartered Accountant designation in 2009. He attained his Licensed Insolvency Trustee accreditation in 2014. 

Daniel is a member of the Canadian Association of Insolvency and Restructuring Professional (CAIRP) and has volunteered his time with numerous causes in the community. 

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